Your Health Comes First
An HSA works alongside your high-deductible health plan to cover today’s healthcare costs – and build tax-free savings for tomorrow.
The Smart Way to Save for Healthcare
Triple Tax Savings
Tax-deductible contributions, tax-free growth on earnings, and tax-free withdrawals for qualified medical expenses.
Expense Coverage
Pay for qualified medical expenses, including prescriptions, doctor visits, procedures, and more.
Long-Term Savings
Use your health savings account as a healthcare safety net or retirement supplement.
Keep Your Funds
Your balance rolls over each year and remains even if you change health plans, retire, or leave your employer.
Health Savings Accounts
HSA Eligibility
HDHPs must meet IRS guidelines for deductibles and out-of-pocket limits each year. To open and contribute to an HSA, you must:
- Be enrolled in a qualified high-deductible health plan (HDHP).
- Not be enrolled in Medicare.
- Not be claimed as a dependent on someone else’s tax return.
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Frequently Asked Questions
A Health Savings Account (HSA) is a tax-advantaged savings account that lets you set aside money specifically for qualified medical expenses. HSAs are available to individuals enrolled in a high-deductible health plan (HDHP) and offer a rare triple tax advantage – contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are tax-free.
For 2026, the HSA contribution limit is $4,300 for individuals and $8,550 for families. If you are age 55 or older, you can make an additional catch-up contribution of $1,000, bringing your total to $5,300 for individuals or $9,550 for families. These limits are set annually by the IRS and apply to the combined contributions from you, your employer, and any other source.
Your HSA can be used to pay for a wide range of qualified medical expenses for yourself, your spouse, and your dependents. Common eligible expenses include doctor visits and copays, prescription medications, dental care, vision care including eyeglasses and contact lenses, mental health services, and certain over-the-counter medications. HSA funds cannot be used for cosmetic procedures, gym memberships, or most insurance premiums.
Your HSA funds roll over completely from year to year – there is no “use it or lose it” rule. Unused balances stay in your account and continue to earn interest, growing tax-free until you need them. After age 65, you can withdraw HSA funds for any purpose without penalty, though withdrawals for non-medical expenses will be subject to ordinary income tax — similar to a Traditional IRA.
Opening an HSA at BSNB is simple. Visit any Ballston Spa National Bank branch location in Saratoga County or the Capital Region, or call 518-885-6782 to speak with an advisor. You’ll need a valid government-issued ID, your Social Security number, and proof that you are enrolled in a qualified high-deductible health plan.
Individual Retirement Accounts
BSNB Individual Retirement Accounts make it easy to save for retirement on your terms – with local guidance every step of the way. Simple, everyday banking with no unnecessary complexity.
- Traditional and Roth IRAs to match your retirement strategy.
- Tax-advantaged growth means you keep more money.
- FDIC-insured IRA deposits are 100% secure.
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